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Far from just being another channel, the impact of digital is transforming what customers expect and creating new opportunities in underserved markets. In many cases, agents concentrate on relatively well-off and middle-aged customers as they offer the easiest win rates and highest commissions. Others, including younger and less wealthy people, are far less likely to be targeted.

The difficulties of reaching a broader market are compounded by the fact that many young people don’t see life insurance or pensions as relevant to them. The same goes for many lower income consumers, who believe that life and pensions policies are either unaffordable or not designed for them.

Moreover, as customers come to expect retirement and life cover solutions that better reflect their individual circumstances and aspirations, life and pensions businesses are seeking to move from a product-focused to a customer-centric approach. But this demands a level of customer engagement and understanding that many businesses lack because they don’t have the data or experience.

So, rather than a digital strategy, the key objective for life and pensions organisations should be a business strategy for the digital age.

The traditional approaches to business development, change management systems and process upgrades are too slow to work in the digital age, which is opening the door to faster moving competitors.

In a market facing rapid and relentless change, it’s time to approach systems and wider business development and operational overhaul in a different way, in which the focus on planning and design gives way to speed, agility and the quality of testing and adaptation.

In this paper, we look at how digital is transforming the operational demands on life and pensions businesses and how to come out in front.